Will Smith and Nas to Invest in a Free Financial Literacy App

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Will Smith and Nas are among the people funding a new finance app for teens called Step. 

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Eleven major investors have stepped forward to raise $22 million dollars towards the making of this new app. Geared toward teens, Step aims to teach them about finances in a fun way. Step bundles basic features and the use of a saving, checking, and credit or debit cards into one bank account. The simplicity and accessibility should appeal to teens and make it easy to use for them.

“Teens and parents are ready for a seamless mobile banking experience, one meticulously designed for their needs,” said Step co-founder and CEO CJ MacDonald. “We’ve partnered with the best in the business to create the right solutions for the next generation. As we move into a cashless era where digital content and transactions fuel our daily lives, the need for innovation in financial services increases. We want Gen Z to be more equipped and educated when it comes to money.”

The Apple pay integrated app would allow users to transfer, receive money and give them access to their digital wallets, without any fees or even overdraft fees for having an account. This app doesn’t look to charge hidden fees, but to educate instead. It will provide a place for teens to keep their money and serve as a helpful resource for many.